By Reuters and published by CNA
BINANCE Thailand has opened its cryptocurrency exchange in Thailand for trading, the company said today (Jan. 16).
The exchange, Gulf Binance, is a joint venture between Binance and Thailand’s Gulf Innova that will serve as an exchange and brokerage platform allowing users to buy and sell digital assets with local currency pairings, according to a statement.
Gulf Binance obtained a licence to operate from Thailand’s Finance Ministry in May 2023, and was subsequently approved to offer digital asset exchange services.
It is the latest crypto exchange to be launched in Southeast Asia, where firms like Coinbase, Zipmex, Gemini have established bases.
According to Investopedia, cryptocurrency exchanges are online platforms hosted by companies or other entities that make it convenient for users to purchase and sell cryptocurrency.
When cryptocurrency was first introduced, you had to manually enter a command in a terminal to send a coin to someone. Eventually, user interfaces were designed that made it easier to access cryptocurrency. Realising that cryptocurrency could only make a mainstream appearance by making it less technical for average users, developers created exchanges that hosted services for people interested in owning and transacting in crypto.
Cryptocurrency exchanges now work similarly to a broker, giving you the tools to trade, buy, and sell cryptocurrencies like Bitcoin, Ethereum, and Tether.
CAPTION:
A representation of cryptocurrency Binance is placed on a PC motherboard, in this illustration taken on June 16, 2023. File photo: Reuters/Dado Ruvic/illustration and published by CNA
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